08/24/2026
A 3% mortgage rate is hard to walk away from.
A lot of homeowners have equity and could sell — but then what?
Trading a 3% mortgage for a 6%+ mortgage can mean a significantly higher payment, even without buying a much more expensive home.
So people stay put.
That’s part of what’s happening in today’s housing market. It’s called the mortgage rate lock-in effect, and it’s one reason we’re seeing fewer homeowners willing to sell.
Of course, rates aren’t the only factor. Home prices, taxes, insurance and inventory all matter too.
But for a homeowner sitting on a 3% mortgage?
Sometimes the question isn’t “Can I afford to move?”
It’s “Does moving make financial sense?”
🏡 Would you give up a 3% mortgage rate to move into the house you really wanted?